IIND.L vs. INQQ

Last updated Jun 5, 2026

IIND.L (iShares MSCI India UCITS ETF USD (Acc)) and INQQ (India Internet & Ecommerce ETF) are both Asia Pacific Equities funds - IIND.L tracks the MSCI India NR USD while INQQ tracks the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, IIND.L returned 2.69%/yr vs 1.01%/yr for INQQ. A 0.63 correlation means they provide meaningful diversification when combined. IIND.L charges 0.65%/yr vs 0.86%/yr for INQQ.

Performance

IIND.L vs. INQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI India UCITS ETF USD (Acc) (IIND.L) and India Internet & Ecommerce ETF (INQQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IIND.L is traded in GBP, while INQQ is traded in USD. To make them comparable, the INQQ values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, IIND.L achieves a -13.04% return, which is significantly higher than INQQ's -17.36% return.

IIND.L

• 1D: 1.17%
• 1M: -1.77%
• YTD: -13.04%
• 6M: -13.23%
• 1Y: -11.37%
• 3Y*: 2.69%
• 5Y*: 4.52%
• 10Y*: —

INQQ

• 1D: 1.28%
• 1M: -4.24%
• YTD: -17.36%
• 6M: -19.80%
• 1Y: -22.30%
• 3Y*: 1.01%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IIND.L vs. INQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IIND.L iShares MSCI India UCITS ETF USD (Acc)	-13.04%	-2.93%	11.04%	12.49%	1.27%
INQQ India Internet & Ecommerce ETF	-17.36%	-13.67%	21.20%	24.88%	-29.49%

Correlation

The correlation between IIND.L and INQQ is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 7, 2022	0.63

The correlation between IIND.L and INQQ has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

IIND.L vs. INQQ - Sectors Allocation Comparison

Sectors	IIND.L	INQQ
Financial Services	28.3%	35.3%
Consumer Cyclical	12.5%	26.7%
Industrials	10.3%	-
Energy	9.5%	8.2%
Technology	8.3%	12.6%
Basic Materials	8.0%	-
Consumer Defensive	6.2%	2.1%
Healthcare	6.2%	6.4%
Communication Services	4.7%	8.7%
Utilities	4.6%	-
Real Estate	1.4%	-

Return for Risk

IIND.L vs. INQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IIND.L

IIND.L Risk / Return Rank: 3
IIND.L Sharpe Ratio Rank: 3
IIND.L Sortino Ratio Rank: 3
IIND.L Omega Ratio Rank: 3
IIND.L Calmar Ratio Rank: 4
IIND.L Martin Ratio Rank: 3

INQQ

INQQ Risk / Return Rank: 1
INQQ Sharpe Ratio Rank: 0
INQQ Sortino Ratio Rank: 1
INQQ Omega Ratio Rank: 1
INQQ Calmar Ratio Rank: 3
INQQ Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IIND.L vs. INQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India UCITS ETF USD (Acc) (IIND.L) and India Internet & Ecommerce ETF (INQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	IIND.L	INQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	-1.31	+0.59
Sortino ratio: Return per unit of downside risk	-0.96	-1.84	+0.89
Omega ratio: Gain probability vs. loss probability	0.89	0.79	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.57	-0.77	+0.19
Martin ratio: Return relative to average drawdown	-1.28	-1.55	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIND.L vs. INQQ - Sharpe Ratio Comparison

The current IIND.L Sharpe Ratio is -0.72, which is higher than the INQQ Sharpe Ratio of -1.31. The chart below compares the historical Sharpe Ratios of IIND.L and INQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IIND.L	INQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	-1.31	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.33	+0.63

Drawdowns

IIND.L vs. INQQ - Drawdown Comparison

The maximum IIND.L drawdown since its inception was -36.72%, roughly equal to the maximum INQQ drawdown of -37.33%. Use the drawdown chart below to compare losses from any high point for IIND.L and INQQ.

Drawdown Indicators

	IIND.L	INQQ	Difference
Max Drawdown Largest peak-to-trough decline	-36.72%	-37.33%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-19.77%	-29.16%	+9.39%
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	-34.78%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.77%	—	—
Current Drawdown Current decline from peak	-21.93%	-31.30%	+9.37%
Average Drawdown Average peak-to-trough decline	-7.75%	-15.88%	+8.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.85%	14.37%	-5.52%

Volatility

IIND.L vs. INQQ - Volatility Comparison

iShares MSCI India UCITS ETF USD (Acc) (IIND.L) has a higher volatility of 6.07% compared to India Internet & Ecommerce ETF (INQQ) at 5.69%. This indicates that IIND.L's price experiences larger fluctuations and is considered to be riskier than INQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIND.L	INQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	5.69%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	14.39%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	17.11%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	19.32%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	19.32%	+1.44%

IIND.L vs. INQQ - Expense Ratio Comparison

IIND.L has a 0.65% expense ratio, which is lower than INQQ's 0.86% expense ratio.

Dividends

IIND.L vs. INQQ - Dividend Comparison

IIND.L has not paid dividends to shareholders, while INQQ's dividend yield for the trailing twelve months is around 2.71%.

Position	TTM	2025	2024	2023
IIND.L iShares MSCI India UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%
INQQ India Internet & Ecommerce ETF	2.71%	2.23%	1.18%	0.04%

Frequently Asked Questions

Can I hold both IIND.L and INQQ in my portfolio?

IIND.L and INQQ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IIND.L or INQQ?

On fees, IIND.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IIND.L or INQQ?

IIND.L is cheaper with a 0.65% expense ratio, compared with 0.86% for INQQ.

What is the main difference between IIND.L and INQQ?

IIND.L tracks MSCI India NR USD, while INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross. They also come from different issuers: iShares and India. Their fees differ too: 0.65% for IIND.L and 0.86% for INQQ.